ExodusPoint Capital Management LP Acquires New Shares in Upwork Inc. (NASDAQ:UPWK)

ExodusPoint Capital Management LP purchased a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 68,902 shares of the company's stock, valued at approximately $1,127,000. ExodusPoint Capital Management LP owned about 0.05% of Upwork as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings in Upwork by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,075,946 shares of the company's stock valued at $17,592,000 after buying an additional 64,438 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Upwork by 3,932.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 772,607 shares of the company's stock valued at $12,632,000 after purchasing an additional 753,447 shares in the last quarter. Bank of New York Mellon Corp raised its position in Upwork by 9.3% in the fourth quarter. Bank of New York Mellon Corp now owns 413,248 shares of the company's stock valued at $6,757,000 after purchasing an additional 35,074 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Upwork by 163.9% during the fourth quarter. Alliancebernstein L.P. now owns 381,950 shares of the company's stock worth $6,245,000 after purchasing an additional 237,230 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Upwork in the fourth quarter valued at about $5,951,000. Hedge funds and other institutional investors own 77.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on UPWK. BTIG Research lowered shares of Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. UBS Group increased their price target on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Royal Bank of Canada upped their target price on shares of Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a research note on Thursday, February 13th. Scotiabank began coverage on Upwork in a research note on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price objective on the stock. Finally, Needham & Company LLC upped their target price on Upwork from $17.00 to $19.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Upwork presently has an average rating of "Moderate Buy" and an average target price of $18.58.

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Insider Activity

In other Upwork news, CFO Erica Gessert sold 4,316 shares of Upwork stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $56,410.12. Following the sale, the chief financial officer now directly owns 160,945 shares of the company's stock, valued at approximately $2,103,551.15. The trade was a 2.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hayden Brown sold 21,122 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $341,120.30. Following the sale, the chief executive officer now directly owns 1,275,083 shares of the company's stock, valued at approximately $20,592,590.45. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 193,365 shares of company stock valued at $3,050,760. Insiders own 7.60% of the company's stock.

Upwork Stock Down 0.3 %

NASDAQ:UPWK traded down $0.04 during trading hours on Wednesday, hitting $12.77. 292,881 shares of the company's stock traded hands, compared to its average volume of 2,234,352. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The firm has a market cap of $1.73 billion, a P/E ratio of 8.34 and a beta of 1.60. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The stock's fifty day moving average price is $14.13 and its two-hundred day moving average price is $14.65.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. On average, research analysts expect that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Upwork Profile

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.